Sunday, 29 July 2018
Nifty Index is being compiled since 02/07/1990 ; as such, a Time Frame of Bi-Monthly (Open, High, Low & Close over a period of two months for the Index) cover the full range of the Index since inception (in log Scale ) :
Chart with Macd
The most revealing fact is that Index is very bullish since inception with (1) positive Macd - implying EMA(5) is greater than EMA(34) - being in almost 85% time , (2) Macd was positive in first 15 candles , period ending on June 1998, while a low of 775 was recorded, with details listed in Table ;
(3) Macd topped at 2175 while Nifty was 6357 & remains all time high , (4) Macd cross down zero line with Nifty reacting to a low of 2253 and finally (5) march of positive MACD
is in progress counting 55th candle & Nifty showed significant
Higher High at 9119 and as at present 11283 but Macd lower than ATH .
My understanding of EWO suggested that :-
big W= 6357 - 775 = 5582,
followed by retracement by 73.5 leading to X = 6357-2253 = 4104 and
presently in progress Y = 11283 - 2253 = 9030 , just a point below 161.8 of W.
big W= 6357 - 775 = 5582,
followed by retracement by 73.5 leading to X = 6357-2253 = 4104 and
presently in progress Y = 11283 - 2253 = 9030 , just a point below 161.8 of W.
